UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-D

ASSET-BACKED ISSUER DISTRIBUTION REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the monthly distribution period from:
November 22, 2006 to January 16, 2007

Commission File Number of issuing entity: 333 -136826

TURQUOISE CARD BACKED SECURITIES PLC

(Exact name of issuing entity as specified in its charter)

Commission File Number of issuing entity: 333 – 136826 – 02

TURQUOISE FUNDING 1 LIMITED

(Exact name of depositor as specified in its charter)

HSBC BANK PLC

(Exact name of sponsor as specified in its charter)

England & Wales
(State or other jurisdiction of incorporation or organisation of the issuing entity)

N/A
(I.R.S. Employer Identification No.)

C/O Wilmington Trust SP Services (London) Ltd
Tower 42 (Level 11),
International Finance Centre,
25 Old Broad Street
London
(Address of principal executive offices of the issuing entity)

EC2N 1HQ
(Post code (UK equivalent of zip code))

44 20 7991 8888
(Telephone number, including area code)

N/A
(Former name, former address, if changed since last report)

Registered/reporting pursuant to (check one)

Name of

Section

Exchange (If

Title of class

12(b)

12(g)

15(d)

Section 12(b)

Series 2006 — 02, Classes A, B and C

Indicate by check mark whether the registrant:

	(1)		has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and

	(2)		has been subject to such filing requirements for the past 90 days. YES þ NO o

PART I — DISTRIBUTION INFORMATION

Item 1 — Distribution and Pool Performance Information.

Response to Item 1 is set forth in Exhibit 99.1

PART II — OTHER INFORMATION

Item 2 — Legal Proceedings

None

Item 3 — Sales of Securities and Use of Proceeds

None

Item 4 — Defaults upon Senior Securities

None

Item 5 — Submission of Matters to a Vote of Security Holders

None

Item 6 — Significant Obligors (SO) of Pool Assets

None

Item 7 — Significant Enhancement Provider (SEP) Information

None

Item 8 — Other Information

None

Item 9 — Exhibits:


Exhibit No.		Description

99.1		TURQUOISE CARD BACKED SECURITIES plc — SERVICER REPORT, RECEIVABLES TRUST, Series 2006 — 02

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorised.

BY: HSBC Bank plc
(As Servicer)


Signature:		/s/ Roger K McGregor
Name:		Roger K McGregor
Title:		Chief Financial Officer, HSBC Bank plc
Dated:		26th January 2007

Turquoise Card Backed Securities plc 10-D